New amendments to Thailand’s Bankruptcy Act aim to: (1) streamline the procedures which require court approval in reviewing claims for repayment of debt; (2) allow creditors additional time to file a claim for debt repayment if the cause of late filing was a force majeure  event; and (3) increase the current penalties to match present economic and social conditions.

Recent amendments to Thailand’s Bankruptcy Act which came into force on May 25, 2016, will provide SMEs with greater protection against bankruptcy.